🤔 Why are Bitcoin treasuries a fool's paradise?

✦ Financial Times compares the mania surrounding companies that are buying $BTC to financial bubbles of the past (from Ponzi schemes to overly complex derivatives before the 2008 crisis).

✦ MicroStrategy showed the way: since 2020, shares have increased more than 20 times, market capitalization > $100,000,000,000.

✦ The "flywheel" model – companies issue stocks/bonds to buy even more BTC. As long as the price rises – the scheme works. But any decline turns the balance into a hole.

✦ Meanwhile, the risks are many times higher than in classic business: the "crypto winters" of 2018 and 2022 may seem like a light breeze compared to what awaits BTC treasuries in a serious downturn.